On November 1,Alan Company Signed a 120-Day,8% Note Payable,with a Face

question 91

Multiple Choice

On November 1,Alan Company signed a 120-day,8% note payable,with a face value of $9,000.What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.)

• A)No adjusting entry is required.
• B)Debit interest payable,$120; credit interest expense,$120.
• C)Debit Interest Expense,$120; credit Interest Payable,$120.
• D)Debit Interest Expense,$720; credit Interest Payable,$720.
• E)Debit Interest Payable,$240; credit Interest Expense,$240.

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Definitions:

Sustainable Use

Utilizing natural resources in a way that does not deplete them for future generations and maintains ecological balance.

Decentralization

The process of redistributing or dispersing functions, powers, people, or things away from a central location or authority.

Water Supplies

The sources and systems involved in collecting, treating, and delivering water for personal, agricultural, and industrial use.

Bottled Water

Packaged water for consumption, often purified or sourced from springs, and sold in plastic or glass containers.